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no one serious would argue that now, five years is a very, very long time in this environment. >> rose: will they in the next five years be able to move this from the sort of exporting economy model to a domestic demand model? >> i mean, the distinction between reformers and conservatives is a bit of an artifice, everyone that is meaningful in china that runs the country knows that they have to shift and trance form the economy, but the fact that someone is in favor of reform does not mean they are in favor of free market reform. so clearly there is going to be a lot of interest in redistributing wealth and whether or not they can move on that is an open question. but trying to ensure that folks, more people get into the middle classes, there is less dissent and less dissatisfaction with their lot in life as growth in china slows. >> rose: can the communist party as it exists today in its closed way, how long does it have? >> i have an answer for that. as i think i have discussed with you before, charlie, one of the main impressions to me of living in china opposite things are always t
no one serious would argue that now, five years is a very, very long time in this environment. >> rose: will they in the next five years be able to move this from the sort of exporting economy model to a domestic demand model? >> i mean, the distinction between reformers and conservatives is a bit of an artifice, everyone that is meaningful in china that runs the country knows that they have to shift and trance form the economy, but the fact that someone is in favor of reform does...
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Nov 16, 2012
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when it's related to the environment. it's some $20 billion this is a big story but it's an even bigger story ahead. >> there have been so many fines there a silver lining to all of this? does this make the deep water drilling safer going into the future? >> well it's certainly a goodstr investors and the shareholders will see the company in a greater light. brrchltbut unfortunately we aret going to see the end to oil spills. it's a slap on the wrist and it doesn't change regulations or the risk involved. bp was a reasonably qualified company to do this type of drilling. there is probably other drillers who are not as careful as bp has been in the past and may not be in the future. >> so to put this inperspectives and the prison term and the apology from bp. is there any satisfaction for the victims? does the punishment fit the crime. >> suzie i think not enough.we d as a result of the disaster no. 1. and no. 2 there is still risk involved that the regulations and the process of risky drilling encoupl encumbers. and this
when it's related to the environment. it's some $20 billion this is a big story but it's an even bigger story ahead. >> there have been so many fines there a silver lining to all of this? does this make the deep water drilling safer going into the future? >> well it's certainly a goodstr investors and the shareholders will see the company in a greater light. brrchltbut unfortunately we aret going to see the end to oil spills. it's a slap on the wrist and it doesn't change...
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Apr 29, 2012
04/12
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and paul rogers, san jose mercury news environment writer. paul, a rare form of mad cow disease spotted in california. how concerned should we be? >> well, statistically not very concerned. nobody has ever died in the united states from mad cow disease connected with u.s. beef. as we remember from the '80s and 90s, there was a very bad outbreak in england. about 150 people died there. a lot of safety processes have been put in place since. food safety is a serious thing. according to the cbc, 3,000 people in america, 3,000 die every year from food born illness. and these are things like salmonella, e. coli, other bacteria infections. just last week dole recalled hundreds of crates of lettuce because of the salmonella scare. a year ago 30 people died from cantaloupes. some of us remember the spinach scare here five years ago. food safety is a serious thing. the thing about this mad cow incident that happened on a dairy cow that wasn't going into the food supply. the concern is that some dairy cows when they get old are slaughtered for human me
and paul rogers, san jose mercury news environment writer. paul, a rare form of mad cow disease spotted in california. how concerned should we be? >> well, statistically not very concerned. nobody has ever died in the united states from mad cow disease connected with u.s. beef. as we remember from the '80s and 90s, there was a very bad outbreak in england. about 150 people died there. a lot of safety processes have been put in place since. food safety is a serious thing. according to the...
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Jul 11, 2012
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we'll have to see going forward what the pricing environment will look like. >> susie: mr. etinger, thank you for joining us. >> thank you for having me. >> susie: the c.e.o. of general mills told analysts here at the n.y.s.e. today he expects costs for key food ingredients will moderate over the next year. the minneapolis company with brands including cheerios cereal, pillsbury crescent rolls, and yoplait yogurt forecasts food inflation will be up only 2% to 3% this year. when i talked with c.e.o. ken powell, he explained why he expects food prices to stabilize. >> oil prices have come down, our package think costs, and includes the costs in our plant. we're seeing some movement in corn now in the grain complex. but overall, as we look at the whole market basket of goods that we buy, we see the low single digit level. >> consumers have been complaining about paying higher prices for food. and as commodity prices go up, will they have to pay even more -- will consumer have to pay more for food? >> they had to pay more this year, no doubt about it. there's wide price increas
we'll have to see going forward what the pricing environment will look like. >> susie: mr. etinger, thank you for joining us. >> thank you for having me. >> susie: the c.e.o. of general mills told analysts here at the n.y.s.e. today he expects costs for key food ingredients will moderate over the next year. the minneapolis company with brands including cheerios cereal, pillsbury crescent rolls, and yoplait yogurt forecasts food inflation will be up only 2% to 3% this year....
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Jun 16, 2012
06/12
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and sometimes less humid environment. and that results in these big fires. what's really interesting is, while we are up about a degree over the last 100 years, three states you would never imagine, new jersey, massachusetts and rhode island, are up about three dee agrees and they have problems now with big fires. >> the good news is that people are listening. and when they get the warning, thankfully, they are listening. you know, there is a lot of uncertainty that remains about the ongoing effects of global warming. the basic premise has finally won over a former skeptic. senior editor craig miller talks with uc-berkeley's richard mueller in a climate watch conversation. >> richard mueller is one of the most talked about figures in climate science. he's a physicist as uc-berkeley and lawrence berkeley national laboratory, who has raised controversy with a sturdy skepticism towards some aspects of global warming, like the link to severe weather. last year, after he led a major independent audit of temperature data, muell
and sometimes less humid environment. and that results in these big fires. what's really interesting is, while we are up about a degree over the last 100 years, three states you would never imagine, new jersey, massachusetts and rhode island, are up about three dee agrees and they have problems now with big fires. >> the good news is that people are listening. and when they get the warning, thankfully, they are listening. you know, there is a lot of uncertainty that remains about the...
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Jan 6, 2012
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in this environment, many analysts think luxury stores will have the most success protecting margins. thomson-reuters has identified two companies likely to do well. >> according to our starmine data, cache and ethan allen are two high-end retailers that are very likely to post a positive surprise and beat their earnings for fourth quarter. >> reporter: but for the rest of the industry, it's time to cut losses. many stores will do whatever it takes to clear out winter items and make room for new, spring merchandise. >> i think we're going to see deeper promotions. january is a clearance month, and the importance of january this year, i think, is greater than in years past. >> reporter: the official verdict on the holiday season won't be known for several more weeks. most retailers won't finish their fourth quarters until the end of this month, so they won't start reporting earnings until mid-february. erika miller, "nightly business report," new york. >> tom: sales of barnes and noble's electronic book reader, the nook, surged 70% during the holiday season, but the company's outlook t
in this environment, many analysts think luxury stores will have the most success protecting margins. thomson-reuters has identified two companies likely to do well. >> according to our starmine data, cache and ethan allen are two high-end retailers that are very likely to post a positive surprise and beat their earnings for fourth quarter. >> reporter: but for the rest of the industry, it's time to cut losses. many stores will do whatever it takes to clear out winter items and make...
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May 5, 2012
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turkey is in that kind of an environment. they pivot well, ukraine doesn't, they're stuck with russia. taiwan is stuck with mainland china. >> rose: so you want the ability to pivot. >> you desperately do. >> rose: you want two bidders. >> you absolutely -- dush want to play the field in this environment you want more than two bidders. >> rose: canada is a good place because they have all the energy. turkey is in a good place. who else is in a pivotal place. >> i would say almost all of subsaharan africa, they don't get just get crabbed by china. everyone wants a piece and not just because of commodity. it's also because 50% urbanization. they are developing better governance, they are getting educated, women are getting educated, more sustainable demographic. >> rose: what you have here is no country can veto. >> uh-huh. >> rose: countries. >> yeah. >> rose: countries can veto. >> countries can block. >> rose: they can block but they can't necessarily build the kind of winning coalition. >> yeah. that's where we are. you kno
turkey is in that kind of an environment. they pivot well, ukraine doesn't, they're stuck with russia. taiwan is stuck with mainland china. >> rose: so you want the ability to pivot. >> you desperately do. >> rose: you want two bidders. >> you absolutely -- dush want to play the field in this environment you want more than two bidders. >> rose: canada is a good place because they have all the energy. turkey is in a good place. who else is in a pivotal place....
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Dec 15, 2012
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you talk about 70 or i think merrill lynch's $50 a barrel call, potential call, it is that kind of environment, it is that one i can't there is oil that is being produced really massively in the middle of the country, makes it to the gulf coast, where we see the production in iraq continue to arise, we see the saudis trying to hold on to market share and others that will force this price down, break the back of the entire prices. >> just to wrap it up here i want you to put it in perspective because consumers and businesses will be very happy with the low energy prices but it also means that prices are down because the economy is not doing so hot, both in the u.s. and globally, right? and that's not a good thing? >> that's right. that's the dark cloud to this silver lining, in that part of this equation and this is not just me forecasting this, opec is worried about it, he stated it, so has the iea if china continues to slow down and they likely will because europe their biggest customer goes into a full-blown recession if not worse, that is going to spell trouble for the global economy, peopl
you talk about 70 or i think merrill lynch's $50 a barrel call, potential call, it is that kind of environment, it is that one i can't there is oil that is being produced really massively in the middle of the country, makes it to the gulf coast, where we see the production in iraq continue to arise, we see the saudis trying to hold on to market share and others that will force this price down, break the back of the entire prices. >> just to wrap it up here i want you to put it in...
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Dec 11, 2012
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volatile from an environment, nature standpoint. you better be a business leader that's fast on your feet or else you won't do very well. >> rose: when i talk to political leaders especially and i say what have you learned? they say it's relationships. relationships in the end make a huge difference. it's trust, you see it at -- on the part of presidents, you see in the terms of people i've talked to, been secretary of state, secretary of defense. bill gates, a very good secretary of defense, -- bob gates said to me you need quickly to cultivate and devote time to relationships because you realize you're in this together. >> completely agree. and i would say if anything the pendulum is coming back hardener that direction. >> rose: meaning what? >> meaning coming out of the crisis. i think there's less trust in general. >> rose: it's part of the job in washington. so you value relationship very much and so there are hundreds of c.e.o.s that i know who i can pick up the phone and they trust g.e. and they trust g.e. because they know m
volatile from an environment, nature standpoint. you better be a business leader that's fast on your feet or else you won't do very well. >> rose: when i talk to political leaders especially and i say what have you learned? they say it's relationships. relationships in the end make a huge difference. it's trust, you see it at -- on the part of presidents, you see in the terms of people i've talked to, been secretary of state, secretary of defense. bill gates, a very good secretary of...
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Mar 3, 2012
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and separate from the ipo issue, but still important is has to do with the corporate tax environment. the president has made a good start with respect to his proposal to reduce corporate taxes. but the fact is, we're seeing -- and i've had a lot of conversations with ceos around the country and different industries. we need to make sure we're prepareed to compete with the taxs in some of the other countries so that companies don't move. that's another big issue. all of this is wrapped in together in terms of how do we make our country more competitive. >> susie: many people sympathize with your argument about taxs and regulations, but say the real problem is other markets around the world have become much more sophisticateed and they're a viable option to the u.s. so what's the way around that? >> first of all, they're right. we have to figure out we can't stand still or rest on our laurels. what do we have to do to become more viable and leap ahead? we've always got to be saying how do we stack up competitive with respect to education, with respect to quality of life, with respect to
and separate from the ipo issue, but still important is has to do with the corporate tax environment. the president has made a good start with respect to his proposal to reduce corporate taxes. but the fact is, we're seeing -- and i've had a lot of conversations with ceos around the country and different industries. we need to make sure we're prepareed to compete with the taxs in some of the other countries so that companies don't move. that's another big issue. all of this is wrapped in...
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Oct 20, 2012
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also warned of a tough economic environment. the stock slid 3.5%. nervousness about the outlook for technology companies pulled down stocks. microsoft and google, both reported disappointing earnings yesterday. by the closing bell, the dow lost 205 points or 1.5%. the tech heavy nasdaq really got slammed-- down 67 points and, the s&p 500 dropped 24. >> the problem is there doesn't seem to be any real tolerance for when a company misses. so, you can have decent bottom line growth, but if the revenue side is light or if the guidance even has a tinge of negativity to it, there doesn't seem to be any mercy, which simply probably tells us in a broad sense that stocks are to a large extent almost priced to perfection. >> susie: corporate america may be down about its future prospects, but american consumers are beginning to feel more upbeat. consumer confidence is at its highest level in seven months. why the disconnect and should investors be concerned about these out of sync views? erika miller reports. >> reporter: for years now, corporate america has
also warned of a tough economic environment. the stock slid 3.5%. nervousness about the outlook for technology companies pulled down stocks. microsoft and google, both reported disappointing earnings yesterday. by the closing bell, the dow lost 205 points or 1.5%. the tech heavy nasdaq really got slammed-- down 67 points and, the s&p 500 dropped 24. >> the problem is there doesn't seem to be any real tolerance for when a company misses. so, you can have decent bottom line growth, but...
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Aug 10, 2012
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long way to go to get a recovery to where we were a few years ago, but it's a much better environment. >> susie: we got news this week from the federal reserve that the number of applications for mortgages has been surging, the best in three years, but not necessarily translating into borrowers getting approved for loans. what does that mean for getting things back >> i think it's a bit of a backlog. you make an application for a loan, and a few years ago when there was little quality checking, you got a loan right away for zero down. we want stricter loan standards and maybe they're too strict. now it's a process. we have to expect that banks are double checking, and fanny and freddie are also double and triple checking. so it is going to take longer to get that loan, even at these attractive mortgage rates. >> susie: what do you think that people need to see to feel more comfortable about buying a home >> first of all the price increase is a start. it gives people more confidence. the prices aren't going to continue to deteriorate, and potential home buyers jump in the market and wi
long way to go to get a recovery to where we were a few years ago, but it's a much better environment. >> susie: we got news this week from the federal reserve that the number of applications for mortgages has been surging, the best in three years, but not necessarily translating into borrowers getting approved for loans. what does that mean for getting things back >> i think it's a bit of a backlog. you make an application for a loan, and a few years ago when there was little...
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Jul 24, 2012
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environment and you buy a computer and it has norton attached to it. it's a cheap stock trading at eight-and-a-half times next year's sales and less than a more kate multiple. maybe it's worth buying here when we learn the earnings next week. >> checkpoint software based in israel, chkp, the ticker stim bowl down from the april highs has seen a pop rately after better second quarter earnings and $1 billion stock by-back plan in the next couple of years. >> the stock is down 10% nor the year and trades at about a market multiple of about 13-and-a-half times next year's earnings. the israelis do security very well and comes out of their i guess you call it their military technology complex. so, we are going to see the checkpoint does. once again, it's a very big-time for security stocks and checkpoint is one of the leaders. >> tom: i mention a firewall company and its among the largest out there. among the smaller someones a company called sourcefire. fire, the ticker symbol. a billion dollar market cap but strong growth here. could this be a potential c
environment and you buy a computer and it has norton attached to it. it's a cheap stock trading at eight-and-a-half times next year's sales and less than a more kate multiple. maybe it's worth buying here when we learn the earnings next week. >> checkpoint software based in israel, chkp, the ticker stim bowl down from the april highs has seen a pop rately after better second quarter earnings and $1 billion stock by-back plan in the next couple of years. >> the stock is down 10% nor...
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Feb 22, 2012
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and those are the reforms they're putting in place, you know, given the right overall environment. i think those structural reforms can lead to growth and they need to lead to growth. >> rose: what worries you about it? >> well, what has been consistently most challenging about the european crises has been that the political dynamics are necessarily inevitably slower than the market dynamics. here you are in a monetary union where there's monetary integration, but the fiscal side of course still fits with 17 national parliaments. so for the very fundamental reform they're putting in place and these are fundamental reform it requires first of all 17 heads of state to come together to reach an agreement and then 17 national parliaments to approve, to deliberate and approve. so it has been a case where very significant strides have been taken. but of course the markets always get out ahead. you know the other thing of course that's important, and we are very mindful of this is europe is just so important in the global economy. it's huge trading partner of ours. 15% of our exports go t
and those are the reforms they're putting in place, you know, given the right overall environment. i think those structural reforms can lead to growth and they need to lead to growth. >> rose: what worries you about it? >> well, what has been consistently most challenging about the european crises has been that the political dynamics are necessarily inevitably slower than the market dynamics. here you are in a monetary union where there's monetary integration, but the fiscal side of...
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Mar 14, 2012
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investors in this interest rate environment have been looking for yeels, they like high skault namess above 3% dividend yields and suddenly we're going to get some in the banking industry, especially with these dividend increases at wells fargo, j. p. morgan and u. s. c., i think that's going to attract investors back into this. >> susie: quickly, on wbw's buy list, which are your favorites, your top two or three and tell us the ones you'd avoid? >> okay, the top, we like the quality ones, we skinly have liked j. p. morgan and u.s. bancorp, those are our top two picks in the sector. wells fargo positively surprised me. on the other hand we've been cautious on bank of america, and i think that it does make it more cautious on sun trust. on the other hand, citi even though they didn't do well in the stress test, once we get past some of the noise that will be a very interesting stock for investors to look at. >> susie: all right, thank you so much, fred, lots of good information. appreciate your coming on the program. >> thank you, suzive. >> susie: any disclosures or ownership on these
investors in this interest rate environment have been looking for yeels, they like high skault namess above 3% dividend yields and suddenly we're going to get some in the banking industry, especially with these dividend increases at wells fargo, j. p. morgan and u. s. c., i think that's going to attract investors back into this. >> susie: quickly, on wbw's buy list, which are your favorites, your top two or three and tell us the ones you'd avoid? >> okay, the top, we like the...
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Apr 28, 2012
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if it's bad for gold you think that kind of environment is good for stocks, why? >> now let's not misinterpret that. any time government spending goes down, that's good for the economy. i don't buy into the q.d.p."p" that government it is an important positive indicator. if it was going up dramatically, that would be bad but the fact that it's pulling back is a good sign gloom in this environment, why are you moving out of gold, out of that hard commodity and into equities? >> i think we're seeing a sea change. we're seeing corporate profits very strong. there's cost cutting going on. >> tom: all right, with this in mind you do have some equity stock picks here. beginning with corning, glw, this one saw a nice pop earlier this week off the heels will of the apple story with the possibility of its providing perhaps some screens for the as-yet-to-be-determined apple tv. is this you trying to play the apple phenomenon? >> absolutely. this is the turnaround story. of course, the lcd market has been very weak and that has hurt corning, but they're diversifying. they be
if it's bad for gold you think that kind of environment is good for stocks, why? >> now let's not misinterpret that. any time government spending goes down, that's good for the economy. i don't buy into the q.d.p."p" that government it is an important positive indicator. if it was going up dramatically, that would be bad but the fact that it's pulling back is a good sign gloom in this environment, why are you moving out of gold, out of that hard commodity and into equities?...
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Aug 16, 2012
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. >> we think we're going to be in a subdued inflation environment for now. we think longer term over the next ten to 15 years it will probably average about 3%, you know we're well under that right now. but, we don't think we're in the type of environment where we're going to see very high inflation. >> reporter: of course, the drought could lift food prices in the coming months. but, the impact on overall inflation might be modest, as food accounts for only 14% of the consumer price index. suzanne pratt, "n.b.r.," new york. >> susie: stocks bobbed between small gains and losses, as investors factored in those inflation numbers, and a mixed bag of other economic data. a key manufacturing report from new york state was weaker than expected, but from the housing sector, the homebuilder confidence index hit its highest level in five years. investors and traders are looking for clues on whether the federal reserve will move to stimulate the economy. we'll talk more about that with michael farr in just a few moments. by the closing bell, the dow lost eight points
. >> we think we're going to be in a subdued inflation environment for now. we think longer term over the next ten to 15 years it will probably average about 3%, you know we're well under that right now. but, we don't think we're in the type of environment where we're going to see very high inflation. >> reporter: of course, the drought could lift food prices in the coming months. but, the impact on overall inflation might be modest, as food accounts for only 14% of the consumer...
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Sep 11, 2012
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certainly are based on an unsustainable environment, an environment of continuous low-interest rates. but the gains are real though, aren't they? >> the gains are real. and i think at the end of the day it's important that investors take a step back and realize what it is that they are buying when they are buying into the equity markets. you're buying a future share, your stream of easternings. when you take a look at profitability in the u.s., companies look very good. they prove to be very resilient and in the second quarter the s&p 500 posted an all-time record high in corporate profitability so net-net i do think there are some opportunities and there are clearly some reasons to be anxious and nervous this is why we continue to stress to our investors you need to have a balanced approach. >> joe tanious with us balancing the global risk and rewards with jpmorgan fund. >> tom: school is out for 350,000 chicago school kids. the city's public school teachers walked off their jobs today in the city's first strike in a quarter of a century. as diane eastabrook reports the strike is tes
certainly are based on an unsustainable environment, an environment of continuous low-interest rates. but the gains are real though, aren't they? >> the gains are real. and i think at the end of the day it's important that investors take a step back and realize what it is that they are buying when they are buying into the equity markets. you're buying a future share, your stream of easternings. when you take a look at profitability in the u.s., companies look very good. they prove to be...
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Feb 1, 2012
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>> you know, it's tough because this is a very tough environment. you know, we're trying to create jobs. we committed to creating 100 new jobs here in the state of florida, but we deal with a lot of people that are high educated, and we have to deal with issues like visas and immigration. >> tom: i want to ask you about hiring before we get into some of the regulations you see stymieing your growth. advanced manufacturing is what you do with really high-end medical products. are you finding the skilled labor available in this market with almost a 10% unemployment rate in florida? >> being one of the fastest growing companies here in north america, it's tough finding the right people to get these jobs. we're working hard at this. >> tom: what would immigration specific targeted vis as do to your hiring prospects? >> we spent so much time and energy looking for the talent, and a lot of the talent we need are ph.d.-type talents. that's what we need across this nation. and it's very difficult to find those types of people. we need to open up immigration
>> you know, it's tough because this is a very tough environment. you know, we're trying to create jobs. we committed to creating 100 new jobs here in the state of florida, but we deal with a lot of people that are high educated, and we have to deal with issues like visas and immigration. >> tom: i want to ask you about hiring before we get into some of the regulations you see stymieing your growth. advanced manufacturing is what you do with really high-end medical products. are you...
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Oct 26, 2012
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so how much of this is the environment, the consumer that p&g is trying to grab and how much is procter & gamble itself? >> well, to be fair, the number you quote includes the effective currency which of course they can't control and of course all their competitors face as well, including the effective currency. they were up in four out of five categories. and that still is not enough. i think to reward shareholders they need to invest in a way that they can get all five businesses growing, and accelerate that organic growth rate to mid single digits. >> tom: talk about that investment. because p&g is known for big spending on marketing, advertising, research and development. so is it forsaking kind of these future investments in order to show better earnings now? >> so it's along the lines of those investments they've always made an ample quantities. and you know, additionally this is a portfolio that was sort of built for a bygone consumer era where consumers had a lot of exses money to trade up to the next best tube of toothpaste or next best diaper. and the more effective laundry de
so how much of this is the environment, the consumer that p&g is trying to grab and how much is procter & gamble itself? >> well, to be fair, the number you quote includes the effective currency which of course they can't control and of course all their competitors face as well, including the effective currency. they were up in four out of five categories. and that still is not enough. i think to reward shareholders they need to invest in a way that they can get all five...
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May 27, 2012
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the brit al environment will change. and what you want to do is sensible tax system, lower rates, less deductions and less loopholes, spending some reasonable prudent spending restraints, and then reforming entitlements over the long- term. you want to do what paul ryan and mitt romney are talking about. >> you think this electioneering is dangerous in view of the eurozone and china faltering a little? >> china faltering a lot. euro zone on the edge of a cliff with a very high probable. >> except germany. >> . >> yes but it does make the difference. the entire southern part of europe is hanging by a thread in terms of -- a major depression in that part of world. having said that, i happen to be in favor of tax cuts on people like pat buchanan and myself, and not in that order, of course. i think it's absolutely essential that everybody contribute to the solution of the fiscal problem that we are in. however, the timing works. so i'm in total favor of increasing the taxes. and joining it with expenditure cuts particularly
the brit al environment will change. and what you want to do is sensible tax system, lower rates, less deductions and less loopholes, spending some reasonable prudent spending restraints, and then reforming entitlements over the long- term. you want to do what paul ryan and mitt romney are talking about. >> you think this electioneering is dangerous in view of the eurozone and china faltering a little? >> china faltering a lot. euro zone on the edge of a cliff with a very high...
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but climate and environment to do matter. politics reflect society. society wants all of us to solve problems. >> how urgent is it beyond the fiscal cliff that america be able to do big things to stay competitive? >> it has to, economically, but no longer -- this probably started occurring 10 years ago, maybe more, separating economic policy, jobs policy, foreign policy. it is all woven into the same fabric. you cannot talk about any one of those without talking about the rest of them. amerigas to bring a skill set to the next generation. -- america house to bring a skill sets to the next generation. we have to be a competitive generation. the amount of power is probably unprecedented in the world today. that does not mean that america is getting weaker. that should be good news to us. we have to rebuild our infrastructure and so on, but we are capable of doing that. most of the world looks to us to lead with allies in relationships, not dictate, not occupy, but to bring leadership along where we can find common interests. >> let's hope you are right.
but climate and environment to do matter. politics reflect society. society wants all of us to solve problems. >> how urgent is it beyond the fiscal cliff that america be able to do big things to stay competitive? >> it has to, economically, but no longer -- this probably started occurring 10 years ago, maybe more, separating economic policy, jobs policy, foreign policy. it is all woven into the same fabric. you cannot talk about any one of those without talking about the rest of...
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atmosphere of scarcity and austerity that the country in in the long-term debt concerns is an ideal environment for the conservatives and a rough one for liberals. liberals do not see the world... they see much more of the world as a unity, as one and that everyone shares. they don't like to inflict harm on anybody particularly. so they're not really prepared for this kind of fight over limited... not this limited but diminishing resources. >> woodruff: what do you see as the... as at stake here. off pretty pessimistic outlook here at the end about where the country's headed. you talk about a period of decline potentially for the united states? >> well, i think whole conflict and the polarization we're in right now has limited the ability of this country to deal with what are very serious problems. and i think the view a number of economists hold, which is that at the moment this country really ought to be taking advantage of the fact that money is virtually free. you can borrow money at almost zero cost and there ought to be more investment right now but you have to combine that with a long-te
atmosphere of scarcity and austerity that the country in in the long-term debt concerns is an ideal environment for the conservatives and a rough one for liberals. liberals do not see the world... they see much more of the world as a unity, as one and that everyone shares. they don't like to inflict harm on anybody particularly. so they're not really prepared for this kind of fight over limited... not this limited but diminishing resources. >> woodruff: what do you see as the... as at...
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. >> tom: meantime, the environment out there, we sought latest g.d.p. revision yesterday, a slower economy faster than expected. corporate earnings also slowing down. that's happening regardless of what's going on in the political environment. >> it certainly is. earlier this summer, what was really driving stock prices, in my person was two words-- anticipated stimulus. notice, it's removal of uncertainty, and so i think the real question is will we be seeing a trough in corporate earnings in the third quarter, a trough in u.s. g.d.p., in this or the fourth quarter of the year? or might we be seeing troughing a little bit later on for other international g.d.p.s. in general, i think a lot of people are anticipating that maybe the worst will soon be behind us, especially because of all this liquidity that's been pumped into the system over the past several months. >> tom: you've crunched numbers and brought some sectors to watch for next three months, including the technology area here with xlk, being the e.t.f. for the technology sector. has had a nice
. >> tom: meantime, the environment out there, we sought latest g.d.p. revision yesterday, a slower economy faster than expected. corporate earnings also slowing down. that's happening regardless of what's going on in the political environment. >> it certainly is. earlier this summer, what was really driving stock prices, in my person was two words-- anticipated stimulus. notice, it's removal of uncertainty, and so i think the real question is will we be seeing a trough in corporate...
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you know what the economic environment is here in the states and globally. so you just cannot have high expectations. and if you have a good surprise, let's say overall earnings rather than the 2.4% let's say earnings are up, 2 to 5%, you know s that really a big surprise? i'm not really sure it is. because you are still pretty close to 0. and nobody is expecting the economy to really accelerate over the course of the next couple of quarters. >> susie: all right so, what is going to be driving investment strategy over the coming weeks and months? is it going to be the earnings or is it going to be more of the big economic picture and the elections? >> how does this play out in the markets. >> well, i am a top down guy. so i want to know what the global economy is doing. i want to know what the u.s. economy is doing. in my mind, we're going to be in this modest growth, modest inflation environment for a while. i mean at least through 2013. but i think it is going to be positive. i think the types of sectors that we're looking at are the ones that are really g
you know what the economic environment is here in the states and globally. so you just cannot have high expectations. and if you have a good surprise, let's say overall earnings rather than the 2.4% let's say earnings are up, 2 to 5%, you know s that really a big surprise? i'm not really sure it is. because you are still pretty close to 0. and nobody is expecting the economy to really accelerate over the course of the next couple of quarters. >> susie: all right so, what is going to be...
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we've got mean shale natural gas in the dakotas, in pennsylvania t has become a much more competitive environment? >> absolutely. and they think the shale finds are all over here. it has a great long-term future. domestically proud. it's clean burning. but you look at it right now, price around 2.25, a lot of the breaking on these projects is around $had. >> tom: big difference. let's talk about the other petroleum product, crude oil here, in the lower 48 state whence we take a look at this chart of lower 48 oil production, since before the bp oil spill, production has been trending higher. it's 59 a multiyear high now but so are gas price, explain supply and demand here, professor? >> i think what you have here is that oil unlike natural gas is a global commodity. and so we have that situation. we are really a drop in the bucket compared to the worldwide production. the other thing is that we have very much a shortage of refineries. we haven't built a new refinery in this country since 1976. that is the bottleneck, that stopping prices it from dropping. >> tom: how about petroleum specifically i
we've got mean shale natural gas in the dakotas, in pennsylvania t has become a much more competitive environment? >> absolutely. and they think the shale finds are all over here. it has a great long-term future. domestically proud. it's clean burning. but you look at it right now, price around 2.25, a lot of the breaking on these projects is around $had. >> tom: big difference. let's talk about the other petroleum product, crude oil here, in the lower 48 state whence we take a look...